10 Steps to Happy House Hunting - STEP 2

Step 2: Choose a type of house

The type of house you choose (single-family detached, condo, townhouse, duplex, co-op, etc.) depends on how much "common interest" you want to share with your neighbors. For example, condo residents share walls and common public areas such as a roof deck or courtyard. Residents don't have to maintain these areas, because a management company and the homeowners association (HOA) take care of them through monthly fees collected from residents. $$$$

Each type of building and ownership comes with its own pros and cons, so choose one that fits your lifestyle.
Decide which home features are most important to you. Ask yourself these questions:
Do you have pets? You may want to narrow the field to homes with big enough backyards.
Is your family growing? Make sure there are enough bedrooms for today and five years from now.
Be shrewd about storage space. Houses with cavernous rooms may be impressive to look at, but they sometimes compromise storage space to achieve that effect. Would you rather have a place to hang your crystal chandelier or a place to hang your coats?
Will any remodeling be required to make the home move-in ready for you? If so, are you handy with a hammer or would you prefer to find a home that needs little work?
Find out what you need to know about HOAs.
Get tips on buying a condo or loft.
Another type of home is "manufactured," meaning it's constructed in sections in a factory and then shipped and assembled on the home's site. Also referred to as prefabricated or modular homes, they can range from your typical low-end mobile home to an ultra luxury prefab home to even a green home.